As a child of the 70's I remember that stuff very well. I always wondered what it was. It was before Armor All and STP Son of a gun, if you remember that one. It was very shiny and completely dry to the touch. I always thought it was a clear laquer, but an sure it wasn't. I even asked some of the lot guys what it was but didn't get any conclusive reply. It did make the engine compartments look very nice.